Shipsy, a SaaS-based startup which enables shipping and logistics companies to digitise and automate their operations, has raised $6 million in Series A funding led by Surge, a programme under Sequoia Capital India. Existing investor Info Edge also participated in the round.
Founded in June 2015 by IITians Soham Chokshi, Dhruv Agarwal, Himanshu Gupta and Sahil Arora, Shipsy brings together all the stakeholders of the international logistics ecosystem on a single platform. The approach is to create a SaaS workflow management platform that allows network participants to collaborate and work together, reducing process bottlenecks, enhancing efficiency and bringing transparency. The Gurugram-headquartered firm has raised about Rs 10 crore till date, and has customers across Dubai, Saudi Arabia, North Africa, Singapore and Malaysia among others.
“Owing to a substantial increase in the demand for our solution, it was important to leverage the momentum and look out for global investment partners in our next leg of our journey,” said Soham Chokshi, co-founder and CEO of Shipsy. “The money raised will help fuel our growth and enable us to become a market leader, allowing us to continue our aggressive geographical expansion,” he said.
The company claims to have seen a three-fold increase in revenues in the last year while more than 120 enterprises globally including 5 of the top 10 exporters in India are its clients today. Recently, Shipsy inducted Harsh Kumar, formerly a co-founder with online cargo logistics platform cogoport, as its chief strategy officer. “Shipsy’s team has a customer-first approach and their software product solves for opacity in the logistics supply chain for enterprises using intuitive workflow automation,” said Sanjeev Bikhchandani, founder and executive vice chairman of Info Edge. “We are excited to continue backing the team as Shipsy is evolving into a global B2B product being built and scaled from India,” he said.
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